Potential investors want ABLV Bank’s owned bank in Luxembourg
Several potential investors have voiced their interest in purchasing liquidated ABLV Bank’s owned ABLV Bank Luxembourg, says the bank’s liquidator Arvīds Kostomārovs.
«Several new investors have already voiced an interest in purchasing the bank in Luxembourg. We expect a new investor soon,» said Kostomārovs.
He also said Luxembourg’s Commercial Court declined on 8 March the request from Luxembourg’s regulator regarding commencement of liquidation of ABLB Bank Luxembourg. Following the court’s decision, two external investors have appeared. The bank’s protection status with a limitation on transactions has been extended for six months.
«If need be, an extension of the term can be requested. Talks are currently being held with investors and local regulator,» said Kostomārovs, adding that an international auditor has been attracted to the sale process.
BNN had previously reported that the Finance and Capital Market Commission issued its permission for ABLV Bank to commence its self-liquidation process on 12 June 2018. FCMC has submitted to European Central Bank a decision project to revoke ABLV Bank’s license.
To ensure maximum protection of interests of clients and creditors and considering ECB’s decision regarding commencement of liquidation process, ABLV Bank’s shareholders decided to commence self-liquidation on 26 February.
Problems for ABLV Bank started when US Department of Treasury Financial Crimes Enforcement Network announced in February 2018 its plans to establish sanctions against ABLV Bank for money laundering schemes that had assisted with North Korea’s nuclear arms programme, as well as illegal activities in Azerbaijan, Russia and Ukraine.
In response to these accusations, ABLV Bank’s lawyers asked FinCEN to call of its proposal, saying that experts put up «exaggerated accusations» without providing any tangible proof. It is also said FinCEN failed to take into account ABLV Bank’s accomplishments in preventing financial crimes. ABLV Bank and its largest shareholders have also submitted pleas to the European Union Court against European Central Bank and Single Resolution Board.